0901 FSA (CFA560) - Question Paper Financial Statement...

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Page 1 of 25 Question Paper Financial Statement Analysis (CFA560): January 2009 Answer all 70 questions. Marks are indicated against each question. Total Marks : 100 1. SFAC 6 issued by Financial Accounting Standards Board (FASB) deals with (a) Objectives of financial reporting by business enterprises (b) Qualitative characteristics of accounting information (c) Elements of financial statements (d) Recognition and measurement in financial statements of enterprises (e) Using cash flow information and present value in accounting measurements. (1 mark) <Answer> 2. Decrease in net assets from peripheral transactions of an entity and from all other transactions and other events and circumstances affecting the entity except those that result from expenses or distribution to owners is known as (a) Assets (b) Liabilities (c) Revenues (d) Losses (e) Expenses. (1 mark) <Answer> 3. Liabilities that are incurred and which are known or estimated and payable at future dates are generally reported at their <Answer> 4. Which of the following statements is false ? <Answer> 5. Which of the following concepts states that the performance can be measured only if revenues and related costs are accounted for during the same time period? <Answer> 6. Which of the following statements is false with reference to statement of comprehensive income? (a) It arises as a result of exchange transactions between the entity and its owners (b) It arises as a result of professional services (c) It arises as a result of lending and insurance activities (d) It arises as a result of environmental activities (e) It arises as a result of price changes. (1 mark) <Answer>
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